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Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2024
TEANECK, N.J., July 31, 2024 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the
About this update from Bogota Financial Corp.
[{"type":"text","content":"TEANECK, N.J., July 31, 2024 (GLOBE NEWSWIRE) -- Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported a net loss for the three months ended June 30, 2024 of $432,000, or $0.03 per basic and diluted share, compared to net income of $857,000, or $0.07 per basic and diluted share, for the comparable prior year period. The Company reported a net loss for the six months ended June 30, 2024 of $873,000, or $0.07 per basic and diluted share, compared to net income of $1.8 million, or $0.14 per basic and diluted share, for the six months ended June 30, 2023. On April 24, 2024, the Company announced it had received regulatory approval for the repurchase of up to 237,090 shares of its common stock, approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). The program does not have a scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. As of June 30, 2024, 107,323 shares have been repurchased pursuant to the program at a cost of $735,000. Other Financial Highlights: ●Total assets increased $35.4 million, or 3.8%, to $974.7 million at June 30, 2024 from $939.3 million at December 31, 2023, due to an increase in securities, offset by a decrease in cash and cash equivalents and loans. ●Cash and cash equivalents decreased $7.3 million, or 29.4%, to $17.6 million at June 30, 2024 from $24.9 million at December 31, 2023 as excess funds were used to purchase securities. ●Securities increased $46.4 million, or 32.8%, to $187.9 million at June 30, 2024 from $141.5 million at December 31, 2023. ●Net loans decreased $7.1 million, or 1.0%, to $707.6 million at June 30, 2024 from $714.7 million at December 31, 2023. ●Total deposits at June 30, 2024 were $649.1 million, increasing $23.8 million, or 3.8%, as compared to $625.3 million at December 31, 2023, primarily due to a $21.0 million increase in interest-bearing deposits primarily in certificates of deposit, and also by a $2.8 million increase in non-interest bearing demand accounts. The average rate on deposits increased 145 basis points to 3.91% for the first half of 2024 from 2.46% for 2023 due to higher interest rates and a larger percentage of deposits consisting of higher-costing certificates of deposit. ●Federal Hom...